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Problem - Perpetual inventory using FIFO

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Problem - Perpetual inventory using FIFO

Beginning inventory, purchases, and sales for Item Copper are as follows:

Mar. 1 Inventory 450 units at $7

Mar. 9 Sale 390 units

Mar. 13 Purchase 410 units at $8

Mar. 25 Sale 340 units

Required - Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.

Reference no: EM132645444

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